Hotels, Resorts & Cruise Lines
Realizing Gains…
Highlights Portfolio Strategy Receding interest in the coronavirus epidemic, rising demand prospects, a looming profit turnaround and compelling valuations, all signal that it no longer pays to be bearish the S&P hotels index. Lift exposure to neutral. An historical parallel with…
Continue Avoiding Hotels…
Continue Avoiding Hotels…
Stay Checked Out Of Hotels…
Empty Spaces (Part 2)…
Empty Spaces (Part 1)…
Highlights Portfolio Strategy The sustained global growth slowdown, widening junk spreads, along with the risk of a U.S. recession becoming a self-fulfilling prophecy suggest that caution is still warranted in the broad equity market on a 3-12 month time horizon. Weakening consumer sentiment…
Underweight The S&P hotels, resorts and cruise lines index has been trading sideways for the last several months. Weakness in the cruise lines half of the index has been offset by relative outperformance by hotels, specifically Hilton, who released better than expected Q4 results…
Underweight Marriott International, the hotel heavyweight of the S&P hotels, resorts and cruise lines index reported results on Monday and the company's outlook was grim, calling for revenue growth below analyst forecasts on the back of higher room growth. This is confirmed by our leading…